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I was a small-time partner in an LLC that was set up to flip a house in NJ, and I live in MA. The LLC was set up in NJ, bought the old property, flipped it, and sold it. I received a K1 from the LLC.

  1. Do I need to file taxes for that state?
  2. Did the LLC cease to exist in 2019? It was only set up to flip this one property, so does the LLC still exist?
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    An LLC doesn't "cease to exist" just because your business has fulfilled its purpose. The organizers typically have to file dissolution papers with the state. Otherwise you could be in for a surprise next year when you get a bill (some states have franchise fees/taxes, annual filing taxes, etc).
    – Ron Beyer
    Mar 17 '20 at 15:50
  • @RonBeyer - thanks. noted. Do I need to file a NJ tax return?
    – David
    Mar 17 '20 at 15:53
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    Typically no, you just file in your home state and federally.
    – Ron Beyer
    Mar 17 '20 at 15:54
  • It would be great to get a little clarification here actually. Another small time partner like me who lives in CA had filed in NJ per his CPA’s advice, and is saying I should’ve filed in NJ too. Where can I find the rules about this?
    – David
    Apr 25 '20 at 13:22

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